phoenix mills: Phoenix Mills reports 142% growth in Q4 net profit, FY23 up 452%

phoenix mills: Phoenix Mills reports 142% growth in Q4 net profit, FY23 up 452%

The Phoenix Mills has recorded 142% on-year growth in consolidated net profit at over Rs 254 crore for the quarter ended March. Income from operations for the quarter rose 47% to Rs 729 crore.

For the financial year 2022-23, the company’s consolidated net profit rose over 452% to Rs 1,477 crore on the back of 78% growth in income from operations at Rs 2,638 crore. The company has recommended a final dividend of Rs 5 per share.

Retail consumption during the quarter grew 159% from pre-pandemic March quarter of 2020 to Rs 2,211 crore. Total consumption in April rose 118% from a year ago to Rs 851 crore. For the financial year 2022-23, retail consumption rose 133% from pre-pandemic 2019-20 to Rs 9,248 crore.

The retail-led mixed development company has witnessed ramp up in trading occupancy and trading density across major malls.

The company’s total income from office portfolio during the financial year rose 7% to Rs 1,69.8 crore with robust collection efficiency at around 98%. Strong leasing traction was witnessed during the year, with gross leasing of over 4.3 lakh sq ft over this period, of which 2.8 lakh sq ft is new leasing and 1.5 lakh sq ft is renewal.

In the residential segment, the company has recorded overall sales of Rs 199.4 crore during the quarter and Rs 465.7 crore in 2022-23. Collections during the quarter rose to Rs 114.9 crore pushing the financial year’s total collections to Rs 368.6 crore.

During the financial year, the developer spent around Rs 1,400 in capital expenditure.In 2022-23, the company acquired a 5.5-acre land parcel in Kolkata’s Alipore for Rs 414 crores to develop luxury residences with saleable area of over 1 million sq ft. It also bought 33 acres in Sohna, NCR for Rs 54 crore to develop 1-million-sq-ft warehouses. In Surat, the company purchased 7 acres and paid Rs 501 crore including the stamp duty for a retail development of 1 million sq ft.

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